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Burt Sexual posted:Wtf is this Someone wrote "I promise this is worth $11,000" on a piece of paper and convinced someone to give them one bitcoin for it, and they did it 9,090 times.
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Jan 17, 2018 00:02
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Lol the bitcoin suicide hotline post is top 5 on r/all.
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Jan 17, 2018 00:03
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Ham Sandwiches posted:A slight correction: At one bitcoin exchange, called Bitfinex I haven't touched the poop so all I can go off of is Wikipedia and /r/bitcoin, but one source indicates "several" and the other says "most". As far as US based non-tether exchanges, I thought Kraken was pretty much it?
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Jan 17, 2018 00:04
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Printing tether will accelerate the crash. It'll cause a run on the "equity". At least that's what should happen.
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Jan 17, 2018 00:04
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My mother in law asked me, a millennial, what I thought of Bitcoin, and when I started laughing, the look of relief on her face was palpable.
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Jan 17, 2018 00:04
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Andy Dufresne posted:I haven't touched the poop so all I can go off of is Wikipedia and /r/bitcoin, but one source indicates "several" and the other says "most". As far as US based non-tether exchanges, I thought Kraken was pretty much it? Gdax (Coinbase) and Gemini are US based non-tether exchanges, and they are the largest exchanges too It's Bitfinex that prints the tethers though, they bought the company that came up with it and run the scam.
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Jan 17, 2018 00:05
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Andy Dufresne posted:I haven't touched the poop so all I can go off of is Wikipedia and /r/bitcoin, but one source indicates "several" and the other says "most". As far as US based non-tether exchanges, I thought Kraken was pretty much it? Coinbase is US-based and doesn't use tether, you cash out there in good ol' US dolores
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Jan 17, 2018 00:05
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Alright then I stand corrected
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Jan 17, 2018 00:06
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wilderthanmild posted:Lol the bitcoin suicide hotline post is top 5 on r/all. quote:Two things. I need the number in Canada ,and two, it's not for me....more for my wife, so they can talk her out of killing me
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Jan 17, 2018 00:06
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Andy Dufresne posted:Alright then I stand corrected It's all good and Bitfinex is scammy as gently caress, I still suggest people stay far away everything to do with Tether is beyond idiotic
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Jan 17, 2018 00:07
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Bitconnect just announced they’re shutting down their Ponzi scheme. They’re being nice about it though, the people who “invested” will get their BCC tokens back, calculated by dividing the dollar value of the hodlers account by the fifteen-day average price of the BCC token. They can resell them on the open market where they are currently traded at a >90% discount. Some genius scammers in the crypto space.
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Jan 17, 2018 00:08
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They are all rubes now
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Jan 17, 2018 00:08
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I'm not clear on how these exchanges work, but increasing the Tether supply could actually be legitimate. If they've got a bunch of people exiting the market and trying to withdraw things in the form of Tether (is that a thing?) and pull it from the exchange, then the exchanges might not have enough supply of it on hand to actually cash them out. They may have the money in an account, but not in the form of Tether. So they're creating more Tether to fill that need by putting more money into it and creating more tokens. That would make sense and be completely legit. Of course, this is bitcoin, so the dollars were probably all stolen six months ago.
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Jan 17, 2018 00:08
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Ham Sandwiches posted:Gdax (Coinbase) and Gemini are US based non-tether exchanges, and they are the largest exchanges too Are all exchanges entirely independent? If they're independent then there would be theoretical arbitrage. If they are not, then printing tether to support the "asset" would affect other exchanges.
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Jan 17, 2018 00:08
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Ham Sandwiches posted:It's all good and Bitfinex is scammy as gently caress, I still suggest people stay far away Where is your money at? I want to follow a leader!
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Jan 17, 2018 00:09
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If there are two pawn shops buying gold and it's $10K an ounce, and one of them is super shady, prints fake money, and says they will now buy gold at $15K an ounce. The other pawn shop will have to up its price too even though it's using real money. It's an open competitive market. Tether has enough market cap to crash all of bitcoin if they run away with it whether your exchange uses tether or not. The whole thing is really stupid.
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Jan 17, 2018 00:09
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Ham Sandwiches posted:It's all good and Bitfinex is scammy as gently caress, I still suggest people stay far away 
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Jan 17, 2018 00:11
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Oscar Wild posted:Are all exchanges entirely independent? If they're independent then there would be theoretical arbitrage. If they are not, then printing tether to support the "asset" would affect other exchanges. Yep you get it, they operate independently, arbitrage is a topic that comes up periodically when the differences become pronounced http://www.businessinsider.com/bitcoin-cryptocurrency-arbitrage-2017-11
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Jan 17, 2018 00:11
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"The cryptocurrency is having a major crash right now in January 2018. In this video I explain why you should buy the three major crypto currencies. Bitcoin, Litecoin, and Ethereum are all plunging and you should buy right now. This bitcoin crash will not last long. Invest all your money right now when these cryptocurrency are on sale. You will make alot of money i promise. This January crypto crash will not last long. Ride the wave." Dont just hodl, buy more
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Jan 17, 2018 00:13
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I don't understand this tether thing and how anyone can possibly rely on it.
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Jan 17, 2018 00:14
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Oscar Wild posted:Are all exchanges entirely independent? If they're independent then there would be theoretical arbitrage. If they are not, then printing tether to support the "asset" would affect other exchanges. In theory arbitrage is possible. Practically, transactions take so long that arbitrage is usually barely worth it, if not impossible.
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Jan 17, 2018 00:14
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I'm gonna buy in when it reaches 1 USD. Then, in ten years, I will be a millionaire.
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Jan 17, 2018 00:15
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mike12345 posted:I'm gonna buy in when it reaches 1 USD. Then, in a million years, I will be a dead.
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Jan 17, 2018 00:17
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https://twitter.com/Bitfinexed/status/953398351889944576
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Jan 17, 2018 00:17
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Ham Sandwiches posted:Yep you get it, they operate independently, arbitrage is a topic that comes up periodically when the differences become pronounced Holy poo poo. Well then, boys. Welcome to a new opportunity. I'm selling discount bitcoins at $8,000 USD for 1 BTC. Dont worry, it's backed by the full faith of my printed feather. I've just exposed 1,000 worth of BTC valued feather, from chewing through my monitor cord, so slots are limited.
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Jan 17, 2018 00:17
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So uh bitcoin owners are selling their bitcoins mid crash for a currency called "tether" that is also imaginary money but is created by a market, and the market values each tether at 1$?
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Jan 17, 2018 00:18
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turn off the TV posted:So uh bitcoin owners are selling their bitcoins mid crash for a currency called "tether" that is also imaginary money but is created by a market, and the market values each tether at 1$? It's a good thing, and in no way a ponzi scheme waiting for fresh money to pay off the tether.
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Jan 17, 2018 00:20
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turn off the TV posted:So uh bitcoin owners are selling their bitcoins mid crash for a currency called "tether" that is also imaginary money but is created by a market, and the market values each tether at 1$? Tether to the left of me bitcoin to my right here i am , stuck in the hodl with you
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Jan 17, 2018 00:22
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I told you guys Tether would come to save the day. As long as it’s there the music will keep playing. The real question now is how ridiculous the printing will get to support the price. Billions over the coming weeks is probably not unrealistic.
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Jan 17, 2018 00:23
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Oscar Wild posted:It's a good thing, and in no way a ponzi scheme waiting for fresh money to pay off the tether. You're right, because they have made it clear they never intend to pay it off, ever
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Jan 17, 2018 00:24
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The question is how long until the tether printers own all the bitcoin
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Jan 17, 2018 00:25
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The Glumslinger posted:You're right, because they have made it clear they never intend to pay it off, ever That's a lol.
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Jan 17, 2018 00:25
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IS IT FINALLY CRASH TIME??
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Jan 17, 2018 00:26
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Uncle Wemus posted:IS IT FINALLY CRASH TIME?? Nah it's up up up past 11,500. Guess I wasted my time today watching for the crash.
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Jan 17, 2018 00:27
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I was a wild ride up from $6000 but the ride down so far has been even toastier.
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Jan 17, 2018 00:27
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turn off the TV posted:So uh bitcoin owners are selling their bitcoins mid crash for a currency called "tether" that is also imaginary money but is created by a market, and the market values each tether at 1$? No it's fine, because only Bitfinex is bad. In no way does circulating fake money into the pool of money from which all BTC to USD draw from cause a problem. This is fine. Just avoid the bad exchange. What me worry? No. HODL
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Jan 17, 2018 00:28
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So the other news that got lost in the crash today is that another bitcoin ponzi scheme called BitConnect unraveled today. I'm shaky on the details, but from what I know the idea was that you would "lend" BitConnect your bitcoin for a certain number of days and they guaranteed 1% compounded interest per day. Their argument was that they were using proprietary trading bots to manipulate the market, but never mind the fact that if they could make that much why would they need your bitcoin. They were offline for the last week and now they've come back and said "whoops, show's over. Here is this crypto currency BCC that you can have instead of the returns we promised you". There's no market for selling BCC so the original bitcoin investment is lost with nothing in return. See: https://www.reddit.com/r/Bitconnect/
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Jan 17, 2018 00:28
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We're not backed by dirty government fiat but rather billions and billions of totally real money! also, someone in my office said "god loving dammit" out loud and I'm secretly hoping that its Bitcoin related.
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Jan 17, 2018 00:28
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Reminder that on the Tether website, where you can buy tether, they literally say they won't let you sell tether for USD if they don't feel like it.
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Jan 17, 2018 00:28
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Oscar Wild posted:It's a good thing, and in no way a ponzi scheme waiting for fresh money to pay off the tether. Interestingly it actually has a good use now besides a long-term "ponzi" and then running away to the Caribbean. As we saw it can be used in real time to prevent a crash of the BTC price, which would cause and a run on the bank which, in turn, would expose tether as being air.
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Jan 17, 2018 00:28
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